A peep without a front sight is worse than worthless.[:'(]
Here's why. It would be unnecessary weight on the string, which will rob a bit of speed and energy from your arrow. In low light, it cuts down on visibilty, which could cause your non-dominant eye to become dominant - since it's got the better visibility - which, in turn, will cause you to shoot way off to the side. Not to mention the %$&* things have an exasperating, frustrating tendency to decide they want to come up to your eye totally crossways so you can't see thru them. Just what you want to happen when you're drawing down on a big ol' buck, right? I didn't think so.
With a peep, you'd have to hold the bow perfectly vertical to keep the peep directly over your arrow - which keeps the nock end of the arrow directly under your dominant eye. I find peeps and sights to be too restrictive for my tastes. Over the years, I've found having the ability to cant the bow and still get off an accurate shot to be a HUGE advantage, in many circumstances.
Unless you also intend to mount sights on your bow and blow off shooting instinctively, then forget the peep. It's not worth the time, money and effort.